Market UpdatesAug 12, 20262 Min
Global market wrap: Asian stocks trade mixed asoil jumps after Red Sea attacks; Super Micro Computers surge 9%
We are back with quick updates on developments around global stock markets, commodities and companies that are creating buzz today.
Asian stocks traded mixed on Wednesday despite strong earnings momentum as the situation between the US and Iran remained tense, providing no clarity on the opening of the Strait of Hormuz.
South Korea’s benchmark Kospi climbed 3.8% to 6,595 on Wednesday, while Japan’s Nikkei index rose 0.75% to trade at 67,472.
China’s Shanghai Composite index was trading marginally higher by 0.2% to 3,945, while Hong Kong’s Hang Seng Index dropped 1.2% to 25,336.
Singapore’s Straits Times slipped 0.7% to 5,717. Australia’s S&P/ASX 200 also dropped 0.5% to 9,202.
US stock futures were trading flat on Wednesday ahead of the release of the July consumer price inflation data due later in the day. S&P 500 futures inched up 0.1%, Nasdaq 100 futures rose 0.2%, while futures tied to the Dow were trading almost unchanged.
In the regular trading session on Tuesday, the S&P 500 index lost 0.32%, the Dow Jones Industrial Average closed down 0.34%, while the Nasdaq Composite slided 0.6%.
Oil prices continued to rally on Wednesday after attacks on vessels in the Red Sea and Gulf of Oman. The US crude oil futures for September delivery were up 0.67% to $83.75 per barrel by 2352 EDT, while Brent futures for October delivery rose 0.65% to $89.50 per barrel.
Gold prices were trading higher on Wednesday on expectations that lower-than-expected inflation may dim the prospects of a rate hike by the Federal Reserve at its September meeting. Spot gold gained 0.6% to $4,394 per ounce by 0352 GMT, while US gold futures for December delivery inched up 0.3% to $4,453 per ounce.
Here’s a look at the key developments of the day:
Super Micro Computers shares surge 9% as profit beats estimates
Shares of Nasdaq-listed Super Micro Computer Inc. rallied 9% as the company reported robust fourth-quarter profit after signalling soft revenue in its preliminary update on July 21.
The company’s earnings report surprised investors, especially the aggressive forward guidance that blew past analyst estimates.
Adjusted earnings per share stood at $1.70 in the fourth quarter, beating the analyst estimate of $1.59. Quarterly revenue surged 93% year-on-year to $11.12 billion, but was slightly below the consensus of $11.26 billion.
CoreWeave stock shoots up 14% as revenue doubles
Shares of AI infrastructure provider CoreWeave shot up 14% in extended trading hours on Tuesday after the company’s results topped expectations.
CoreWeave’s revenue climbed 112% during the quarter compared with a year earlier, said in a statement. However, net loss of $626 million increased from $290 million a year ago.
The management called for $3.4 billion to $3.6 billion in third-quarter revenue, which would imply 158% growth at the middle of the range.
Samsung SDI jumps 6% after buying GM’s stake in US battery JV
Amid sluggish electric-vehicle demand, South Korean battery maker Samsung SDI has ended its battery joint venture with US-based General Motors by buying out the latter’s 49.99% stake in SynergyCells.
Samsung SDI said it would use the SynergyCells plant in Indiana which has been under construction since 2024 to make batteries for energy storage systems and other high-tech applications.
Separately, Samsung SDI said it has signed an agreement with GM to jointly develop next-generation prismatic batteries for potential future EV applications.
Shein may launch Hong Kong IPO as soon as August 19
Online fast-fashion retailer Shein is planning to launch its Hong Kong initial public offering (IPO) as soon as August 19, according to a report.
The Singapore-based company has already been marketing the share offering to investors this week.
Britain’s Financial Times reported earlier this week that Shein’s advisers are presenting potential investors with the option of investing at a valuation below $30 billion. That is about 30% of the more than $100 billion valuation the company recorded during its Series D funding round in 2022.
Shopee owner Sea raises forecast after sales beat estimates
US-listed shares of Sea, parent firm of Shopee, climbed as much as 13% after the Singapore-based tech giant boosted its e-commerce earnings forecast for the calendar year 2026.
Sea predicted $1 billion in adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) for online retail arm Shopee in 2026. It had previously forecast at least $880.6 million, and analysts were expecting $980.7 million on average.
Korea Sovereign Wealth Fund to work on AI, robotics
South Korea expects to deploy more than 1 trillion won (or $707 million) of fresh capital into a new sovereign wealth fund targeting AI and other strategic industries next year.
“It is difficult to go into details but investments next year could range from 600 billion won to more than 1 trillion won,” Min Kyung-seol, South Korea’s deputy finance minister for innovation and growth, said in an interview with Bloomberg on Tuesday. The final investment figures could exceed the initial estimate, depending on the targets identified and their capital needs, he said.
Australian lender CBA posts record profit
Commonwealth Bank of Australia on Wednesday posted a record A$10.98 billion ($7.75 billion) full-year cash profit, but added that mortgage applications had dropped 15% since property tax changes in May.
CBA’s cash earnings for the financial year ended June surpassed the consensus estimate of A$10.85 billion and were up 7.1% on last year’s A$10.25 billion. But its net interest margin was 2.05%, down 3 basis points on the prior full year.
